The initiative addresses urgent climate issues by investing in technologies to cut carbon emissions, focusing on critical sectors like steel and cement
The climate crisis is no longer a threat somewhere in a distant unforeseeable future. It is a here-and-now pressing issue that demands immediate action. Research warns that we may miss the goal of limiting warming to 1.5°C. In this critical time, the CarbonX initiative is here to explore greener business models and invest in technologies designed to cut carbon emissions in hard-to-abate sectors like steel and cement.
Given that the mid-point to the Paris Agreement is approaching, the next few years are critical. Unfortunately, many potential climate technology breakthroughs wither on the vine because they lack the resources to leap from the lab to application, or they fail to scale enough to be viable.
CarbonX is not just another initiative in the crowded space of climate technology support. It's a unique platform that stands out by its design to help bring big ideas to market and succeed in mitigating climate change. Our focus is on identifying and nurturing new technologies and critical capabilities needed to reach net zero, filling a crucial gap in climate technology support.
CarbonX was founded in March 2023 with an initial focus on solutions in several specific fields. We are dedicating over 200 million RMB ($28 million) over three years to support the next wave of green innovations.
Our commitment to the success of the CarbonX initiative is evident in our rigorous selection process. After evaluating applications from more than 300 teams across China, we narrowed down the pool to 30 finalists, from which we selected the first cohort of 13 winners. The programme will provide a total of around 100 million RMB in funding and support, such as research and commercialisation advice, to continue their work and hopefully make an impact in the ultimate global challenge of our era.
Many industries still struggle to decarbonise, especially sectors like cement and steel, which emit CO2 as a result of their processes. Carbon Capture, Utilisation, and Storage (CCUS) and technology-based carbon removal offer a solution by capturing CO2 from industrial emissions or extracting it from the air. This captured CO2 can be stored underground or repurposed for various uses, helping to reduce CO2 levels that have been accumulating for centuries.
CCUS and technology-based carbon removal involve a wide range of fields, such as chemical engineering, geology, energy, and materials. Advancements in technological pathways and capabilities in areas such as site selection, foundational data, and accounting methodologies are crucial for the effective implementation of this technology.
While CCUS is currently not cost-effective, it's important to note that solar and wind power were also more expensive than fossil fuels before becoming competitive. The International Energy Agency expects global carbon-capture capacity to increase more than sixfold by 2030, reaching 300 million tonnes a year. This emphasises its emergence as a major player in the world's decarbonisation strategy, but achieving this will require adequate financial resources and other forms of crucial assistance.